W&T Offshore (WTI) 10-K 2016 FY Annual report

Exhibit 12.1

W&T Offshore, Inc.

Ratio of Earnings to Fixed Charges

The following table sets forth our ratios of consolidated earnings to fixed charges for the periods presented:

	Year Ended December 31,
	2016				2015				2014				2013			2012
	(in thousands except ratios)
	(unaudited)
Income (loss) before income taxes	$	(292,396	)		$	(1,247,702	)		$	(16,120	)		$	80,096		$	119,531
Add: Fixed charges		93,063				104,870				87,193				85,902			63,441
Add: Amortization of capitalized      interest		5,207				40,158				4,538				4,380			1,526
Less: Capitalized Interest		(520	)			(7,256	)			(8,526	)			(10,058	)		(13,274	)
Earnings before fixed charges	$	(194,646	)		$	(1,109,930	)		$	67,085			$	160,320		$	171,224
Fixed Charges:
Interest expense, net of capitalized interest	$	92,271			$	97,336			$	78,396			$	75,581		$	49,994
Capitalized interest		520				7,256				8,526				10,058			13,274
Portion of rental expense representative    of an interest factor		272				278				271				263			173
Total fixed charges	$	93,063			$	104,870			$	87,193			$	85,902		$	63,441
Ratio of earnings to fixed charges	N/A			(1)	N/A			(2)	N/A			(3)		1.9			2.7

(1) The ratio was not meaningful.  Earnings were inadequate to cover fixed charges for the year ended December 31, 2016 by $287.7 million, which included a ceiling test write-down of oil and gas properties of $279.1 million and a gain on exchange of debt of $123.9 million.

(2) The ratio was not meaningful.  Earnings were inadequate to cover fixed charges for the year ended December 31, 2015 by $1,214.8 million, which included a ceiling test write-down of oil and gas properties of $987.2 million.  2015 was revised to incorporate the effect of unamortized capitalized interest on the ceiling-test write down

(3) The ratio was less than one-to-one coverage.  Earnings were inadequate to cover fixed charges for the year ended December 31, 2014 by $20.1 million.